Note that the near term future would depend on whether the 1.1740 mark hold the rate down.
Economic Calendar Analysis
Data releases start on Thursday. On that day the weekly US Unemployment Claims will be out at 12:30 GMT.
On Friday, starting from 07:15 GMT, the Markit Institute will be releasing Flash Services and Manufacturing Purchasing Managers Indices.
The biggest move is most likely going to occur on the release of the French and German PMIs at 07:15 GMT and 07:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Monday morning, the rate passed the resistance of the 55 and 100-hour simple moving averages. Next resistance was the 1.1740 level that provided resistance on Friday. In addition, there was technical resistance provided by the weekly simple pivot point at 1.1745 and the 200-hour SMA at 1.1758.In the case of these resistance levels holding, the rate would trade sideways near the 1.1750 level or decline to the 1.1700 level.
On the other hand, if the weekly pivot point and the 200-hour SMA fail to keep the EUR/USD down, it could reach for the monthly PP at 1.1782.
Hourly Chart
On the daily candle chart, the rate had additional resistance in the form of the 55-day simple moving average, which on Monday was located at 1.1800.
In the meantime, additional support on the daily candle chart was provided by the 100-day SMA at the 1.1610 level.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, on the Swiss Foreign Exchange trader open positions were bearish, as 57% of open position volume was in short positions.
On Monday, the sentiment had slightly changed, as 56% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to sell the pair.